Have you used your 2024 Health Spending Account?

If you are eligible and enrolled in an Extended Health Plan with a Health Spending Account (HSA) benefit, before we know it, the end of 2024 will be upon us—any remaining credits from 2023 need to be claimed by December 31, 2024. 

The HSA provides an annual credit to pay for certain expenses not covered or reimbursed under UBC’s extended Health and Dental Plans. Need some inspiration? Here are the top 10 services that UBC faculty and staff use their HSA credits to claim services: 

1. Massage Therapy 
2. Vision Care 
3. Prescription drugs 
4. Psychologist 
5. Physiotherapy 
6. Optometrist 
7. Dental surgery 
8. Medical Services and Supplies 
9. Chiropractor 
10. Naturopath

The HSA benefit is available to employees who are members of the BCGEU Vancouver (Child Care), BCGEU Okanagan, CUPE 116, CUPE 2950, Faculty (includes Academic Executives and Postdoctoral Fellows), IUOE 115 and Management & Professional employee groups who are enrolled in the UBC Extended Health Plan. 

HOW THE HSA PROGRAM WORKS 

• Those who are eligible receive a credit, specific to their employee group, on January 1 each year
• This credit can also be used towards eligible dependent’s claims (spouse, partner, dependent children) 
• The employee can carry forward the unused portions of the credit for one year 
• If you have a carried-forward amount and don’t use it by December 31, you will lose the carried-forward amount.

You can use your HSA benefit to claim your vision care expenses, massage therapists, dental expenses and other expenses for which you may have exhausted the maximum coverage amount for the year. For a complete list of eligible expenses, refer to the Sun Life HSA List of Eligible Expenses, Canada Revenue List of Common Medical Expenses You Can Claim or visit the Sun Life Members website.